Key Support level: $0.000060
Key Resistance level: $0.0001
Since our last Shiba Inu (SHIB) analysis, Shiba doubled in price yet again. The current all-time high now sits at $0.00008854.
Shiba’s break from the blue pennant (presented in our last analysis) unleashed a considerable rally that has set a new all-time high, and despite a short pullback to support, SHIB appears ready for more! The most obvious resistance right now is at $0.0001.
Shiba may lose another 0 on its path to reach 1 cent, this being the goal of most fans. On the other end, the support is currently found at $0.000060, which was tested successfully today.
Chart by TradingView
Trading Volume: Volume continues to be high and manages to sustain the price at very elevated levels. The hype around Shiba is still strong, and the volume reflects this. However, the resistance at $0.0001 will be a hard one to crack.
RSI: The textbook says in a strong bullish trend, a good sign of an impending reversal is when RSI exceeds 90 points. The daily RSI for Shiba is above 90 points, so it’s important to be careful. This last daily candle looks like a spinning top as well, which could be a reversal signal.
MACD: MACD is extremely bullish on the daily timeframe. However, on lower timeframes, where weaknesses tend to present themselves earlier, Shiba is showing lower highs on the 4-hour MACD histogram. It may also consolidate around these levels forming a pennant before a potential attempt at $0.0001.
Chart by TradingView
Extreme euphoria. Usually, this indicates a top may be made soon. However, Shiba could also continue up before a reversal.
The key level on which everyone’s eyes are is $0.0001. Can Shiba break this resistance? If yes, then it could enter another massive rally before any reversal. However, many bulls could have this as a target for profit taking due to $0.0001 being a key psychological level in the Shiba community. That can lead to a sharp rejection from resistance and a significant drop towards support.
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